AN ACT relating to the Kentucky Racing Health and Welfare Fund and declaring an emergency.
Create a new section of KRS 230.361 to 230.373 to set forth the functions and purposes of the Kentucky Racing Health and Welfare Fund; establish the membership of the board of directors of the fund; require the approval of the Kentucky Racing Commission prior to disbursing moneys from the fund; require the Kentucky Racing Commission to promulgate administrative regulations establishing procedures by which a person aggrieved by a decision may appeal; subject funds to appropriate investment practices, open meeting requirements, and open records requirements; amend KRS 230.374 to place the Kentucky Health and Welfare Fund under the jurisdiction of the Kentucky Racing Commission and require that all moneys be prudently invested and that investments be reviewed quarterly by the Finance and Administration Cabinet and the Legislative Research Commission; amend KRS 230.375 relating to the Kentucky Race Track Retirement Plan, to require prior approval of investments made by the Kentucky Racing Health and Welfare Fund's board of directors; amend KRS 230.265 to subject disbursements of the Kentucky Equine Drug Research Council to the approval of the Racing Commission; require that all properties and moneys be transferred within 30 days of the effective date of the Act.